SoftBank boss Masayoshi Son is no longer backing Indonesia’s US$34 billion project to build a new capital in Borneo as the country shifts to investors based in China and the Middle East, Bloomberg reported.
“There’s no more story on Masayoshi, he’s out,” Luhut Panjaitan, Indonesia’s coordinating minister for investment and maritime affairs, said in an interview. However, he did not explain why Son withdrew or provide any other details.
Son was previously named as one of the overseers for the project. He was also on the steering committee alongside Mohammed Bin Zayed Al Nahyan, Abu Dhabi’s crown prince, and Tony Blair, former prime minister of the UK.
Panjaitan said that other overseas backers are looking to invest in the new capital, including those from Saudi Arabia and Abu Dhabi that are partnering with Chinese funds.
Editing by Deepti Sri and Eileen C. Ang
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